Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Canadian-Austrian automotive supplier Magna, headquartered in Aurora, Canada, has announced the closure of its plant in Dorfprozelten, Bavaria, Germany. All 471 jobs are affected by this. Magna justifies the closure with fallen profits due to increased expenses for energy, higher wage costs and additional expenses for the development of electric car parts. Trade Union IG Metall is involved in the proceedings, and has initiated a protest against the closure.
The Magna plant in Bad Windsheim (Bavaria) has already been closed by the end of 2022. There, 340 employees were employed. Magna International has more than 168,000 employees in 28 countries worldwide.
Update 10/07/2023
Following the protests against the closure of the Magna plant in Dorfprozelten, the plant will not be closing anymore. Instead, an internal restructuring is planned in which 250 jobs are to be cut by 2028 at the latest. The job cuts are to be made in a socially responsible manner, without compulsory redundancies. The remaining jobs at the Dorfprozelten site are to be secured by the end of 2028 with the help of new products.
Eurofound (2023), Magna, Internal restructuring in Germany, factsheet number 109288, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/109288.
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